Bitcoin Clears $2.5 Billion Worth of Contracts as Dominance Slips to Three-Year Low

Yesterday’s discord between business mogul Elon Musk and the crypto community went beyond the normal scope of constant verbal sparring on social media and has had a profound impact on the crypto market that has been nothing short of a disaster.

The crypto market has undergone a massive liquidation. According to ByBit, $2.4 billion worth of long trades were liquidated in the past 24 hours as Elon Musk’s more pessimistic bitcoin-related tweets triggered a market crash . The total value of long contracts that have been liquidated in the past 12 hours is $1.16 billion.

In a tweet posted last Wednesday, Musk noted, “We are concerned about the rapidly increasing use of non-renewable energy sources in bitcoin mining and trading, especially coal, which has the worst fuel emissions. Cryptocurrency is a good idea on many levels and we believe it has a bright future, but that doesn’t mean he can impose a huge cost on the environment either.”

A total of 303,836 traders cleared in the last 24 hours, with the highest single liquidation on crypto assets worth nearly $90 million .

Among bitcoin, ethereum, XRP and other commonly used top digital assets, nearly $43 million of long SHIB was liquidated as the popularity of the popular cryptocurrency SHIB rose due to the growing popularity of dogcoin.

The market was equally unforgiving to short sellers. According to ByBit, a total of $441.5 million in short positions were liquidated yesterday due to price volatility in the crypto market.

According to Datamish, $34 million of longs were liquidated on BitMEX alone in the last 24 hours, while 417 BTC were liquidated on Bitfinex.

On the other hand, Bitcoin’s dominance has slipped further. The flagship digital asset of the global cryptocurrency industry is losing market share as its market dominance is waning.

According to CoinMarketCap and Coin 360 reports, Bitcoin currently holds about 40% of the market share.

Ether is now the second most common cryptocurrency after Bitcoin, with a 19.3% market share at the time of writing.BNB holds 4%, Cardano 3.3%, and Elon Musk’s favorite dogcoin 3%.In January 2018, Bitcoin’s dominance fell to a low of 33% for the first time.

Bitcoin has fallen to $843,071,872,876 from $1 trillion a few weeks ago, according to the exact market cap. Ether’s market cap is almost half of BTC’s with a market cap of $404,613,783,369. And the market cap of BNB, Cardano and Dogcoin dropped to $81 billion, $69.4 billion and $65 billion respectively.

There must be a high probability of two upcoming phases ahead. The first is that the market goes in to a depressed state, with prices of all assets falling, as seen after previous bull markets, and the market will enter a period dominated by other pass-throughs in addition to BTC. During this period, other crypto assets will be valued better than they have performed in the past.

If the former occurs, Bitcoin’s fundamentals and the positive sentiment surrounding Bitcoin will help it maintain greater dominance over the crypto market.

However If the former occurs, the dominant mix of other pass-throughs, which currently account for 60.1% of total market capitalization, could increase in the near future.

Posted by:CoinYuppie,Reprinted with attribution to:
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